Mizuho Corporate Bank

EUR
Comment: Pushing cautiously higher through a thin Ichimoku ‘cloud’. This should continue today and tomorrow, the short term target 1.5650, maybe 1.5800.
Strategy: Attempt longs at 1.5575/1.5550; stop below 1.5440. Short term target 1.5650, maybe 1.5785.

EUR/JPY
Comment: Same as yesterday: tiny ranges at this year’s highest price do not inspire confidence. The Euro is extremely overbought and bullish momentum is really not nearly as strong as one might think. We continue to watch and wait for signs of topping.
Strategy: Attempt small shorts at 167.55; stop above 168.05. Short term target 167.10, then 165.65.

GBP
Comment: Too tiring and frustrating for words. Cable is consolidating below the lower edge of the Ichimoku ‘cloud’. Expect a cautious squeeze higher today.
Strategy: Possibly attempt small longs at 1.9595; stop below 1.9450. Add to longs on a sustained break above 1.9700. Target 1.9800/1.9850.

JPY
Comment: Sort of keeling over but ranges are so tiny that it may be better not to make too much of it all. We continue to watch for topping activity.
Strategy: Sell at 107.60, adding to 108.05 ; stop above 108.70. Short term target 107.00, then 106.50.